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Spanish impositions
24 September 2009
Despite several setback, Spanish infrastructure developers have emerged from the global financial crisis in a stronger position than other PPP sponsors in the US market. Nick Lord looks at how they have adapted.
The Spanish infrastructure companies operating in the US such as Abertis, ACS, Cintra, OHL, Global Via and Acciona, have had a good crisis. Most missed out on paying top prices for assets before the crisis hit, existing investments have maintained reasonable levels of performance, and now that the market has started to recover, they are in a position to bid for, win and reach financial close on a number of new concessions. In many instances, particularly in the transportation sector, they are re-opening the market for everyone.
The most recent deals to be struck in US PPP space by Spanish developers are the two Texan road deals sponsored by Cintra: the North Tarrant Expressway and LBJ Freeway. Both projects have reached commercial close – North Tarrant Expressway in June and LBJ Freeway in September – but both are still finalising the details of their financing packages before reaching financial close.
North Tarrant...
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